Using an appraisal from another recent loan for the new loan?

Question

I recently (2 months ago) financed one of my BRRRR properties with a 15yr HE Loan through Regions and got a good appraisal that time around. I have an application in for a 30 yr rate/term refi, what are some tips to try to get the lender to use my previous appraisal? I dont want to risk the chance of another appraiser coming in lower and having my $$ stuck in the deal. Has anyone done this before?

Thanks!

David Chappell · Answer

Thanks for much for the help everyone! I paid for another appraisal and it came back $3250 over my best case scenario, so thats awesome! I asked my property manager to meet the appraiser there and walk him through the rehab we did and I think that was a huge help in getting a higher/more accurate appraisal.

David Chappell · Answer

@Lee Ripma and @Whitney Hutten thanks for the advice! Im going to send it to my lender and ask that they use the one I have, and it may even save me $650 too!

Whitney Hutten · Answer

@David Chappell I think it is definitely worth asking. The worst they will say is no.  I did a cashout refi last May on a property, then rates dropped even lower and it made sense to do another refi to lock in better terms.  The bank (conventional too) used my previous appraisal since it was less than 6 months old and I wasn't taking any cash out. Not sure if this was COVID related, but why not ask.

Lee Ripma · Answer

@David Chappell

Totally! They won’t use it but perhaps they will be swayed by it and come up with the same value!

David Chappell · Answer

Hi Lee! This is a normal rate/term refi through Fannie/Freddie so Im sure there wont be as much flexibility on the appraisal part. I may try to offer up the appraisal to the lender and see what they say, and maybe get the property manager to meet up with them on the property. I was happy with the appraisal because, for whatever reason, they offered about $20/sqft more than the average of the 3 comps they listed, so I was happy with that!

Lee Ripma · Answer

@David Chappell

Yes, I’ve gotten banks to take another appraisal but only Commerical banks. Are you trying for a new RES or Commerical loan? If it’s a conforming loan they probably won’t go for it. Commerical lenders or any bank that holds the note on their books MIGHT